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Why do people buy life insurances when they don&#39;t have children?

Submitted : 2018-02-22 02:15:37 Popularity:

What happens to the money they paid for after they die? Is it automatic for funeral expenses? Even though they don't have children?

Answers:maybe they want to leave the money to someone else, it doesn't have to be children
They might have a spouse who earns much less than them. They might have a parent or other non-child dependent on them.

Or they might want their spouse to be able to keep the house they are jointly paying for rather than downsize to live on one income.

They might buy just enough insurance to cover funeral expenses and some time off to grieve.

They might have adult children, and never cancelled their insurance.

They might just not understand what insurance is. Some scammer might have sold it to them as an "investment" product.
It is not automatic for funeral expenses.

If they picked a person as the beneficiary and that person is alive, then it goes to that person.

If they did not pick a person as the beneficiary or all the beneficiaries are dead, then it becomes part of their "estate" and is handled just like anything else they owned, which typically means it goes to their spouse if they were married or their relatives (parents, siblings, etc.) if they were not married, or the state government if they had no relatives and were not married.
If you start with life insurance when young, the overall cost is lower over the years. If you develop a health issue you may never be able to get it when you are older. So you get it when young.
Because they have a spouse. Or perhaps another family member they want to leave funds for.
it might go to other family members if they dont have children
To pay any debts the estate may have and to pay for the final expenses. Some also leave that money to charity or to other relatives. Perhaps they are taking care of an elderly parent and need money to provide for them if they die?
They want to insure their lives to someone to be the beneficiary. Maybe they want to leave someone money who will use it to pay for a funeral. Doesnt have to be children.
For their spouse's living expenses, to pay off their family's mortgage, to cover inheritance tax
Yes